CK Group Buys $450 Million Wind Farms in the UK
- CK Group, led by Li Ka-Shing, expands its energy portfolio with a $450 million acquisition of U.K. wind farms.
- This marks CK Infrastructure's third energy purchase this year, showcasing their growing presence in the sector.
- The deal emphasizes the increasing investment in renewable energy sources in the United Kingdom.
CK Group, the conglomerate owned by Hong Kong's richest individual, Li Ka-shing, is set to enhance its energy portfolio with the acquisition of a portfolio of 32 wind farms in the U.K. The deal, valued at £350 million ($450 million), involves a consortium led by CK Infrastructure Holdings (CKI), which is part of CK Group. The transaction, announced on Wednesday, includes participation from CK Asset Holdings and Power Assets Holdings, with CKI and CK Asset each holding a 40% stake and Power Assets owning 20%. The acquisition is expected to close by late September, pending certain adjustments. This acquisition marks CKI's third energy investment this year, as the company capitalizes on favorable market conditions amid rising inflation and interest rates. Earlier in May, CKI completed a £90.8 million purchase of UU Solar, which manages 70 renewable energy assets in the U.K. Additionally, in April, CKI acquired Phoenix Energy, Northern Ireland's largest natural gas distributor, for £757 million. These strategic moves reflect CKI's commitment to expanding its renewable energy footprint. In a related development, CKI is contemplating a secondary listing on an overseas stock exchange, potentially London, to enhance its market presence without raising additional funds. This move aims to improve its share valuation, which has been trading below book value, and to facilitate future acquisitions in Europe. Li Ka-shing, a prominent figure in Hong Kong's business landscape, boasts an estimated net worth of $36.3 billion, according to Forbes. The ongoing expansion of CK Group underscores its aggressive strategy in the global energy sector.